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South West association and house builder agree £28m Section 106 package deal
A housing association in the South West has agreed a £28m affordable housing ‘package deal’ with a house builder.
Under the arrangement, 13,000-home landlord Curo will acquire 171 affordable homes across six developments built by Bellway over the next few years.
The deal will satisfy Bellway’s required affordable housing contributions for the sites under Section 106 of the Town and Country Planning Act 1990.
It is the first time Curo or Bellway’s South West division has entered into a strategic Section 106 agreement of this kind.
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Five of the six sites, in Bristol, Somerset and Wiltshire, have full planning consent while one has outline permission.
Bellway will build 326 homes for private sale at the developments.
“The homes will be a mix of social and affordable rent as well as shared ownership,” said Victor da Cunha, chief executive of Curo.
“While we are a developer in our own right, collaboration with others is also critically important because it enables us to increase the numbers of homes we let each year and therefore helps address the huge housing need we have across the South West.
“We hope that this will be the first of many other similar ventures.”
Paul Minnis, managing director of Bellway’s South West division, said: “Working with one affordable housing partner across six of our new developments will bring benefits to Bellway, Curo and residents of the private and affordable homes we are building.
“Together we will work in a more effective and cost-efficient way to make these homes available to local people more quickly.”
